Thai One On, a national Thai restaurant chain, expects to see a 25% annual increase in dividends over the next three years. After that, analysts expect dividends to fall to a constant growth rate of 5% thereafter. Thai One On's last dividend paid was $1.40 per share. Also since there will be a few more Thai chains popping up shortly, investors see some risk and require a return of 12.5%. Based on this information, what is the intrinsic value (current price per share) of Thai One On's stock? Hint: Follow the three steps. Please show all your work.